Walmart will credit you up to $300 for your old iPhone 5

The retail giant is planning on taking advantage of the fact that all phone makers are about to release new devices this summer, Walmart is going to give up $300 of rebate for your old device. An offer that will be tough to beat by any other retailer.

Starting September 21, people who bring in their existing phone to a Walmart or Sam’s Club store can earn a credit of anywhere from $50 to $300. The trade-in price depends on the brand and its condition. As a few examples, a working iPhone 5 can score you $300, a Samsung Galaxy S3 $175, and a Galaxy S2 $52.

Coincidentally — or not — Walmart’s news comes just a few hours before Apple is expected to unveil one or more new iPhones. CNET will be covering Apple’s event, which starts at 10 a.m. PT, with a live blog, here.

Buyers must then apply the credit toward the purchase of a new smartphone. Customers can choose a phone with the standard two-year agreement or pick a model through Walmart’s prepaid contract-free Straight Talk plan.

“Smartphones have become a part of our customers’ everyday lives and as new devices launch more frequently, trade-in programs are becoming more popular,” Steve Bratspies, Walmart’s executive VP of general merchandise, said in a statement. “More and more, customers are choosing where they purchase new smartphones based on where they’ll get the best value for their trade-ins.”

The trade-in promotion will be good at more than 3,600 Walmart stores and Sam’s Club outlets across the US.

Such trade-in deals are likely to start flourishing as Apple preps its next-generation iPhone, which is expected to launch before the end of the month.